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Buyers & Sellers
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Buyers & Sellers Grubb & Ellis Co. represented 249/Cypresswood Joint Venture in the sale of the 35,458 sq.ft. Kroger Center Cypresswood Shopping Center, a center located at the intersection of 249/Cypresswood in Houston, TX to SW Cypresswood, L.P. The 89% leased center is tenanted by Burger King, Willie’s Grill and a Chase Bank with three drive-thru lanes. The center is part of a larger 91,253 sq.ft. neighborhood center that includes a 55,795 sq.ft. Kroger supermarket. For more information, contact George Cushing, Grubb & Ellis Co., 1330 Post Oak Boulevard, Suite 1400, Houston, TX 77056; 713-626-8888, Fax 713-626-2288; Email: george.cushing@grubb-ellis.com; Web site: www.georgecushing.com.
NewBridge Retail Advisors, Inc. served as advisor in the sale of Seabreeze Plaza, a 144,673 sq.ft. center located at the intersection of Curlew Road and U.S. 19 in Palm Harbor, FL to Saul Centers. The sales price and Cap rate were not disclosed. The center is anchored by Publix and was 100% leased at the time of the sale. For more information, contact Gary Saykaly or Lynn Roth, NewBridge Retail Advisors, Inc., Royal Centre One, 11675 Great Oaks Way, Suite 135, Alpharetta, GA 30022; 678-802-6500, Fax 678-802-6588.
Pointe Development Co. is selling a 33,000 sq.ft. center located in Clermont, FL for $2 million. The center is currently 89.5% occupied. Area demographics include a population of 40,239 within five miles earning $60,640 as the average household income. The site has an average daily traffic count of 35,500 vehicles. For more information, contact Alan Sakowitz, Pointe Development Co., 1111 Kane Concourse, Suite 401F, Bay Harbor Islands, FL 33154; 305-861-3737, Fax 305-865-3434.
Millennium Commercial Investment Properties is selling American Business Park, a center located on U.S. Highway 71 in Bastrop, TX for $1.95 million. The center is currently 100% occupied with an additional tract under development for a 12,600 sq.ft. building. For more information, contact Joe Linsalata, Millennium Commercial Investment Properties, 824 West 10th Street, Suite 100, Austin, TX 78701; 512-327-5000, Fax 512-327-5078; Email: joe@mcip.biz; Web site: www.mcip.biz.
CB Richard Ellis, Inc. is selling a 3,218 sq.ft. Wendy’s restaurant located on Country Club Drive in Palm Desert, CA for $1.684 million. The site is the only drive-thru restaurant ever approved for Palm Desert and has an average daily traffic count of 50,000 vehicles. Area demographics include a population of 102,415 within five miles earning $77,594 as the average household income. For more information, contact Gary Stache, CB Richard Ellis, Inc., 3501 Jamboree Road, Suite 100, Newport Beach, CA 92660; 949-725-8500, Fax 949-725-8545.
DJM Asset Management is selling 23 prime retail leases and two fee-owned properties for CVS Pharmacy and Eckerd, as well as four parcels of land. The stores occupy spaces of 5,952 sq.ft. to 24,952 sq.ft. and are located throughout AL, AZ, GA, IN, LA, MO, NY, OH, OK, SC and VA. For more information, contact James Avallone or Ed Zimmer, DJM Asset Management, 445 Broad Hollow Road, Melville, NY 11747l 631-752-1100 Ext. 224/222, Fax 631-752-1231; Web site: www.djmasset.com.
Southeast Capital Investments, Inc. is selling a site located 1.5 blocks from Huntsville Hospital complex in Huntsville, AL. Area demographics include a population of 6,250 within one mile earning $47,859 as the average household income. The company also is selling a land area of 5.48 acres in Anniston, AL for $1.5 million and a land area of 11.58 acres in Anniston for $2.3 million. Area retail includes Wal*Mart Supercenter and Wachovia Bank. For more information, contact Brent Kent, Southeast Capital Investments, Inc., 1021 Noble Street, Suite 206, Anniston, AL 36201; 256-238-8778, Fax 256-238-8775.
Trustreet Properties is selling a 7,025 sq.ft. Denny’s restaurant located on Arsenal Street in Watertown, NY for $3.007 million with a Cap rate of 7.50%. Area retail includes Aldi, Big Lots, Watertown Savings Bank, Blockbuster Video, Pearle Vision, China Buffet, Quiznos, Friendly’s and Grinders. For more information, contact Trustreet Properties, Trustreet Center at City Commons, 450 South Orange Avenue, Orlando, FL 32801; 407-540-2222, Fax 407-540-2044; Web site: www.trustreet1031.com.
Pliskin Realty & Development, Inc. is selling an 8,450 sq.ft. restaurant located in Huntington, NY for $850,000. For more information, contact Mandy Cantor, Pliskin Realty & Development, Inc., 179 Westbury Avenue, Carle Place, NY 11514; 516-997-0100 Ext. 306.
Sperry Van Ness is selling Squire Square, a two-building, 12,100 sq.ft. center located on 7th Street in Long Beach, CA for $2.275 million to Pacomia Plaza, LLC. The center is 100% leased to local retailers. For more information, contact David Ebeling or Megan Monfort, Sperry Van Ness, 18881 Von Karman, Suite 800, Irvine, CA 92612; 949-225-1883, Fax 949-553-1697; Email: david.ebeling@svn.com and megan.monfort@svn.com; Web site: www.svn.com.
The Real Estate Group, Inc. is looking to acquire sites throughout MD up to $1 million with a Cap rate of 10%. For more information, contact Tony Verner, The Real Estate Group, Inc., 14 Ryan Frost Way, Baltimore, MD 21221; 410-935-0874, Fax 410-686-0902.
The Good Group is selling an NNN Sonic investment property located in Orlando, FL for $1.3 million. Approximately 70% of the primary lease term is remaining. For more information, contact Mike Sheerin, The Good Group, 1000 North Orlando Avenue, Suite A, Winter Park, FL 32789; 407-628-9555, Fax 407-386-6101.
RCG Ventures, LLC is looking to acquire sites throughout the Mid-Atlantic states from $3 million and up. For more information, contact Jim O’Donnell, RCG Ventures, 70 Peachtree Road, Suite 805, Atlanta, GA 30305; 404-816-5454, Fax 404-816-5445; Web site: www.rcgventures.com.
Marcus & Millichap National Retail Group is selling a 14,942 sq.ft. center located on West Orangethorpe Avenue in Fullerton, CA for $3.35 million with a Cap rate of 7.78%. For more information, contact David Yashar, One World Trade Center, Suite 2100, Long Beach, CA 90831; 562-436-5800, Fax 562-495-0006; Web site: www.marcusmillichap.com.
Mithani Properties is looking to acquire a center located in South Houston or Pasadena, TX. The center should have a GLA of at least 30,000 sq.ft. and have no less than 20,000 sq.ft. for owner occupancy. For more information, contact Alex Mithani, Mithani Properties, 500 Pinnacle Court, Suite 510, Norcross, GA 30071.
Realty USA is selling Ridge Hatch Plaza, a center located on Ridge Road in Webster, NY for $1.1 million. The site is located on a land area of eight acres. For more information, contact Tom Lockwood, Realty USA, 57 Monroe Avenue, Pittsford, NY 14534; 585-381-4400 Ext. 296, Fax 585-381-4451.
The Proto Group is selling a land area of 8.96 acres located on Farmington Avenue in Bristol, CT for $3.8 million. The site has an average daily traffic count of 25,100 vehicles. Area retail includes Wal*Mart, Sears Appliance & Hardware, Home Depot, ShopRite, Staples and Super Stop & Shop. Area demographics include a population of 109,963 within five miles earning $61,902 as the average household income. For more information, contact Lou Proto or Steve Patten, The Proto Group, 116 Washington Avenue, North Haven, CT 06473; 203-234-6371, Fax 203-234-6372; Emails: proto@theprotogroup.com |